Homework Answers
1.
C
Scarcity comes into existence when there is a trade-off between two or more goods. Here, due to the limited amount of resources, if one good is achieve, then another good is foregone.
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2.
B
Slope tells the opportunity cost of goods mention on the x axis. It means each unit of goods produced at X axis, requiring other goods to be foregone.
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3.
A
The price is going to fall when supply moves to the right from S1 to S2. It can happen due to lower cost of production, superior technologies or any positive supply shock factors.
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Scarcity exists when: O making choices among two or more alternatives is not necessary. individuals can...
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l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...
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QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period...
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(14)Which of the following statements is true? Scarcity exists in every society because of the: (a)Finite...
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Refer to the picture. At a price of $2 there is a Price (dollars) -- -...
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no explanation just an answer please The benefit of a one-unit increase in an activity O...
no explanation just an answer please
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1 TO M C o Phys zoom urls PHYSICS STATS econ 203 Left:0:59:39 Natalie Gee: Attempt...
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If a $5 tax on each pack of cigarettes causes the market price of cigarettes to...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
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Price (per gallon) 2.50 0 100 200 300 400 500 600 Quantity of gasoline (per month) Reference: Ref 3-4 Figure. Demand and Supply of Gasoline (Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline. A factor that may have changed supply from 5 to S2 is: Select one: O a. increased demand. O b. lower labor productivity in gasoline production. O c. increased prices of substitutes in production for gasoline. O d. better technology in the...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
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Refer to the picture. At a price of $2 there is a Price (dollars) -- - 150 250 350 Quantity surplus of 150 units shortage of 350 units surplus of 100 units shortage of 200 units Price Price (b) Quantity per period Quantity per period Price Price (d) Quantity per period Quantity per period A decrease in the fee charged for movie rentals would result in a change illustrated by: the move from j to k in Figure (c). the...
no explanation just an answer please
The benefit of a one-unit increase in an activity O A. is measured by what you must give up. O B. is called marginal cost. O c. is always greater than the opportunity cost of that activity. O D. is called "sunk benefit." O E. decreases as you do more of it. When a production possibilities frontier is bowed outward, as more of one good is produced, its opportunity cost O A. decreases. OB....
12) The term that means the highest valued alternative given up when a person chooses to engage in an activity is: 12) A) dollar cost. B) accounting cost. C) opportunity cost. D) explicit cost. 13) Scarcity: 13)_ A) is only a problem when a country has too large a population. B) is not a problem for the wealthy C) is due to unlimited wants and limited resources. D) all of the above 15) If your tuition for this term is...
1 TO M C o Phys zoom urls PHYSICS STATS econ 203 Left:0:59:39 Natalie Gee: Attempt 1 Price Quantity demanded Quantity supplied 700 300 400 100 900 1000 Suppose that the production of good X generates pollution in the form of chemical runoff and that the pollution imposes a S4 cost on society for each gallon of good X produced What is the optimal quantity of good X production? Does the market overproduce or underproduce? 300 - overproduce 700 -...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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